What Is The Inspection Time Period?
Now that a contract has been executed and earnest money dropped off, we are officially in the inspection time period. What is the inspection time period? During the inspection time period, we conduct the inspections listed in contract and negotiate any inspection issues. It is important to note, there is timeframe for the sellers to respond to our inspection items and another timeframe for you to respond. Sometimes the seller needs to get estimates for the repairs so they can figure how they are going to respond. It is best to hang tight and be patient at this time.
In addition, the Coldwell Banker attorney reviews the contract and identifies any changes he or she wants made on the contract. Lastly, if you’re buying a condo or in a HOA, this is the time period when we review the building’s condo/HOA docs such as: their budget, Rules and Regulations, meeting minutes, etc. Usually this period is 5 business days from the contract acceptance date. As your Realtor, we will guide you through all the time sensitive deadlines.
If we cannot get all of the above completed during the time frames agreed upon in the contract, we formally in writing can ask for an extension of the inspection time period. Be aware the seller will need to agree.
Once inspection has been satisfactorily closed, it will be time to drop off your second/final earnest money check (if stated in contract). If you have questions, call or text me at 410-980-5732.